Friday, September 19, 2008

Vast bailout plan proposed in the U.S.

Congressional leaders met Thursday with Ben Bernanke, the Fed chairman, second from left; Treasury Secretary Henry Paulson Jr.; and Christopher Cox, chairman of the Securities and Exchange Commission, about a rescue plan. (David Brody/Bloomberg News)

While details remain to be worked out, the plan is likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions. The proposal could result in the most direct commitment of taxpayer funds so far in the financial crisis that Fed and Treasury officials say is the worst they have ever seen.

Okay boys, capitalism is good except when it isn't - now we NATIONALIZE...

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